NAR Data Shows Now Is a Great Time to Sell!

We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.

Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.

REALTORS® CONFIDENCE INDEX

Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that home-buying demand continued to outpace supply in May.

The map below illustrates buyer demand broken down by state (the darker your state, the stronger the demand is there).

In addition to revealing high demand, the index also mentioned that “compared to conditions in the same month last year, seller traffic conditions were ‘weak’ in 24 states, ‘stable’ in 25 states, and ‘strong’ in D.C and West Virginia.” 

Takeaway: Demand for housing continues to be strong throughout 2017, but supply is struggling to keep up, and this trend is likely to continue into 2018.

THE EXISTING HOME SALES REPORT

The most important data revealed in the report was not sales, but was instead the inventory of homes for sale (supply). The report explained:

• Total housing inventory rose 2.1% to 1.96 million homes available for sale
• That represents a 4.2-month supply at the current sales pace
• Unsold inventory is 8.4% lower than a year ago, marking the 24th consecutive month with year-over-year declines

According to Lawrence Yun, Chief Economist at NAR:

“Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently a 4.2- month supply, and houses are going under contract fast. The Confidence Index shows that 55% of properties were on the market for less than a month when sold.

In May, properties sold nationally were typically on the market for 27 days. As Yun notes, this will continue, unless more listings come to the market.

“With new and existing supply failing to catch up with demand, several markets this summer will continue to see homes going under contract at this remarkably fast pace of under a month.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. And the supply will continue to ‘fail to catch up with demand’ if a ‘sizable’ supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out searching for your house. Give me a call for more information – J.P. Cook – 602-320-4253.

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2777 W Queen Creek Road Unit 14 Chandler, AZ 85248

Open House

$795,000

3 Beds

2.5 Baths

2,100 SqFt

Status Active

MLS # 6703268

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of luxury living! Nestled within a gated community, this stunning residence offers the epitome of convenience and comfort. As you enter, you're greeted by top-of-the-line porcelain grey tile flooring that extends throughout the home. The open floor plan creates an inviting atmosphere, perfect for entertaining guests. The spacious kitchen is a chef's delight, featuring a quartz island and countertops, soft-closed kitchen cabinets, and an eat-in area with breathtaking views of the tranquil lake. After a long day, retreat to large master-suite, master bath adorned with marble tile flooring, walk-in shower. Other bedrooms, large walk-in closets for ample storage and electric privacy shades for added comfort. Outside, the amenities continue to impress. Take a leisurely stroll around the neighborhood, enjoying the manicured landscaping and friendly atmosphere. For those who enjoy fishing, a little patio-side angling awaits right outside your back porch. And if you're in the mood for adventure, launch your boat or paddleboard for a serene evening on the water. When it comes to dining and errands, you're spoiled for choice. Within walking distance or a short drive, you'll find an array of restaurants offering delectable cuisine. Need to run errands? Everything you need is conveniently located nearby, from grocery stores to boutiques, making everyday tasks a breeze. With its unbeatable location, luxurious amenities, and modern design, this home truly is a stunner. Don't miss your chance to experience upscale living in this practically brand-new build. Welcome home!

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6939 E Granada Road Scottsdale, AZ 85257

Open House

$795,000

4 Beds

3.5 Baths

1,984 SqFt

Status Active

MLS # 6748118

Property Type Single Family Residence

Price Type --

Welcome to this stunning mid-century modern home located just minutes from Old Town Scottsdale! This meticulously renovated masterpiece boasts four bedrooms two of which are master suites, and 3.5 bathrooms. With over $200,000 in renovation upgrades, this home seamlessly blends iconic mid-century design with contemporary elegance. Did we mention the NEW HVAC installed 9/20/24? The open concept floor plan is perfect for entertaining, while the chef's kitchen features stainless steel appliances and a chic island for casual dining. This property is also Short-Term Rental approved and equip with a new level 2 EV Charger ready to charge your EV or Golf cart. With its prime location and impeccable design, this home offers the epitome of modern living in the heart of Scottsdale.

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25979 W Taro Drive Buckeye, AZ 85396

$794,900

2 Beds

2.5 Baths

2,560 SqFt

Status Active

MLS # 6773525

Property Type Single Family Residence

Price Type --

Welcome to the stunning ENDEAVOR Model, where golf course and mountain views elevate luxury living! Enter through a charming courtyard with a custom gate and elegant leaded glass front door. Inside, an expansive open floor plan features a great room w/chic wet bar, and breathtaking views. The chef's kitchen is a culinary dream, with sleek quartz counters, floor-to-ceiling cabinets, a gas cooktop, and convection oven. The primary suite features dual vanities, a spacious walk-in shower, and a generous walk-in closet. The backyard is perfect for entertaining with a large travertine patio w/ lighted pergola and misting system for added comfort. The extended 3-car garage includes built-in storage and epoxy floors. THIS HOME TRULY HAS IT ALL - WELCOME TO YOUR DREAM OASIS!

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4245 N Recker Road Mesa, AZ 85215

$794,900

3 Beds

2 Baths

2,463 SqFt

Status Active Under Contract

MLS # 6762113

Property Type Single Family Residence

Price Type --

Gorgeous, custom, single story golf course home with expansive views of the mountains, fairways and open space. This home is set back off of Recker Road and features an oversized 18,000 square foot lot with privacy and views! This home has been meticulously cared for and features a great room concept opening to the large kitchen and affords views of the mountains and green space. Kitchen is finished with Hickory cabinetry, granite slab countertops, walk in pantry, island and plenty of storage and counterspace. The dining area off the kitchen affords gorgeous views and has exterior access to the oversized covered patio, finished in a beautiful travertine stone with a complete outdoor kitchen area. Great room is finished with a gas fireplace, entertainment center, plenty of space for family and friends. The great room has a gas fireplace, built in entertainment center and exterior access to the oversized covered patio with views of the mountains and fairways. The owners suite is oversized and has exterior access to the outdoors with stunning views. Owners bath features dual sinks, private commode, walk in shower and large walk in closet. Secondary bedroom is located on the opposite side of the owners and features a large walk in closet and attached hall bath. Large, oversized office/den/bedroom is multipurpose and has exterior windows to the front and side yards. Laundry room is finished with sink, plenty of cabinetry and storage space, built in ironing station. The oversized 3 plus car garage is finished with cabinetry, workbench and has exterior access to the backyard via garage. Third bedroom is being used as an office, is oversized and could be converted into the 3rd bedroom easily with a door/closet. This is a gorgeous home in a highly desirable community in NE Mesa. Pride of ownership prevails.

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17292 W Echo Lane Waddell, AZ 85355

$794,500

3 Beds

2 Baths

2,135 SqFt

Status Active

MLS # 6727822

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This home checks all the boxes, Single level, Open floor plan, Split floor plan, North/South exposure, backs to common area with Mountain views & RV GARAGE. The expansive 16' glass slider at the back of the great room allows lots of natural light to enjoy the views. A 50-foot RV garage, complete with a 50 AMP plug-in, water access, dumps on both sides, plenty of garage cabinets & epoxy floors. The kitchen is equipped with stainless steel appliances, a 4-burner gas cooktop, wall oven, built in Microwave, large waterfall Granite island with seating, timeless Travertine backsplash and huge walk in pantry. The Primary bathroom includes split vanities, a walk-in shower, a walk in storage/linen closet off of the toilet room, an amazing custom closet that includes plenty of hanging, drawer & cabinet space for organizing. Step outside to enjoy the large covered patio, built-in BBQ area with bar seating, pavers, and low-maintenance artificial turf. Just a few of the upgrades include ceiling fans in each room, custom security screen front door, automatic lighting in backyard, Surround sound in Great room and back patio, TV on back patio, utility sink in garage. You are just minutes from major Freeways, a new Safeway and the all new shopping area at Prasada.

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6550 E Phelps Road Scottsdale, AZ 85254

$794,450

3 Beds

2 Baths

1,840 SqFt

Status Active

MLS # 6719056

Property Type Single Family Residence

Price Type --

Discover luxurious living in the sought-after 85254 zip code with this beautifully remodeled home. This 3-bedroom, 2-bathroom gem features an open floor plan and is just minutes from North Scottsdale's premier shopping and dining. The airy living room boasts vaulted ceilings, a brick fireplace, and an extra bonus room. The primary bedroom includes a large walk-in closet, dual vanities, and a private water closet. The light-filled kitchen features stainless steel appliances, stunning countertops, gold hardware, and a window overlooking the resort-style backyard. Perfect for entertaining, the backyard offers a large pool, citrus trees, mature landscaping, and a covered patio with a misting system.

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7073 E Brilliant Sky Drive Scottsdale, AZ 85266

$794,000

3 Beds

3 Baths

1,646 SqFt

Status Active

MLS # 6758107

Property Type Single Family Residence

Price Type --

Impeccably maintained example of the 3 bed, 3 bath + Casita Novus GREAT ROOM model that is loved for ZERO WASTED SPACE and wide-open feel that lives far larger than the square footage would suggest. ROOF AND HVAC were replaced in 2017 and the home is located in a quiet Cul-de-sac a mere chipshot away from the Terravita Clubhouse, Dining, Pools, tennis, Pickleball, golf, AND the Terravita Marketplace. Outdoor living is wonderful with a large gated front courtyard and a SOUTH EXPOSED (Warm in Winter, cooler in Summer) backyard that backs to preserve and has a newly refinished heated pool and spa and lots of Kool-Deck entertaining space. Large rear windows

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34622 N 214th Drive Wittmann, AZ 85361

$793,000

4 Beds

2 Baths

2,000 SqFt

Status Active

MLS # 6778126

Property Type Single Family Residence

Price Type --

5 ACRES FULLY FENCED, MOVE IN READY FURNISHED HOME, TRACTOR, IMPLEMENTS, 2 GOLF CARTS, FLATBED TRAILER, HOT TUB, TOOLS ALL CONVEY IN PURCHASE, 6 STALL MARE MOTEL, 2 LARGE TURNOUTS, HORSE WALKER, TACK ROOM, WASH RACK, FEED ROOM WITH WASHER & DRYER, 2 CAR GARAGE & ADDITIONAL DETACHED 2.5 CAR GARAGE PLUS A METAL CARPORT FOR STORAGE, PARCEL 503-17-333A INCLUDED IN PURCHASE THIS PARCEL IS VACANT & READY FOR YOUR HORSE SET UP, CIRCULAR DRIVEWAY, ENCLOSED COURT YARD WITH FIREPLACE, LOTS OF ROPERS IN THIS AREA, 15 MINUTES TO SURPRISE FOR ALL YOUR SHOPPING & DINING,

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21553 W Pierson Street Buckeye, AZ 85396

New

$792,208

3 Beds

3.5 Baths

2,266 SqFt

Status Active

MLS # 6783991

Property Type Single Family Residence

Price Type --

BRAND NEW single level w/spacious kitchen, generous upgraded cabinets, countertops and oversisized island that opens into the family room with gorgeous tray ceiling. Relax in the owner's retreat featuring a large soaking tub and separate tiled shower. Bedrooms 2 and 3 are suites with their own bathroom attached. Entertain on the extended covered patio with views that make this Verrado Highlands home stand out; 2x6 construction; EXTENSIVE NEW HOME WARRANTY.

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10701 E Simone Avenue Mesa, AZ 85212

$792,000

4 Beds

3.5 Baths

2,800 SqFt

Status Active Under Contract

MLS # 6739888

Property Type Single Family Residence

Price Type --

Situated on a prime corner lot, this home boasts gorgeous curb appeal with an upgraded elevation complete with driveway pavers. Step inside and prepare to be captivated by the seamless blend of style and functionality, its a layout families dream of. Even the office can turn into another bedroom with a couple hundred dollars and 2 hours work. The main living area is adorned with tile flooring, modern paint, and an abundance of natural light. The culinary experience is elevated further with a massive pantry situated conveniently across from the drop zone, ensuring effortless organization and efficiency. Outside is an entertainers dream ready to bring friends and family together during the hot months and a place to relax during Arizona's cool months. Too many features to list, come see it!

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13302 W Serenade Circle Sun City West, AZ 85375

$791,667

3 Beds

2.5 Baths

3,063 SqFt

Status Active

MLS # 6760825

Property Type Single Family Residence

Price Type --

Expanded ''Monterey II'' (3,063 sqft) on Briarwood Golf Course with a heated pool & spa. Private courtyard leads to the front entry with newer double doors. As you enter the home you are greeted with a view of the golf course and pool - your own oasis! This home has several entertaining areas: Greatroom, Formal Dining Area, Arizona Room w/ Fireplace, Wet Bar, Built-In Entertainment Center, and Back Patios by the Pool. The spacious Kitchen was updated in 2010 with dark stained maple cabinets, granite countertops, & stainless steel appliances. The dark stained maple cabinets are also found in the Bathrooms, Bar Area, and Built-In Entertainment Center. The Primary Suite has a private door to the pool area, bay window overlooking the pool and golf course, a large walk-in closet, dual sinks soaking tub, separate shower, and private toilet room. The half bath is conveniently located off the Greatroom and the two Guest Rooms have their own Bathroom and are located off the Arizona Room. The garage with built-in cabinets has a bump out large enough for a golf cart in addition to the two spaces for cars. Solar (added in 2019 but did not go active until 2020 due to the pandemic) is a 25 year assumable lease with 1.9% increase annually (currently $158.49).

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20755 W San Miguel Avenue Buckeye, AZ 85396

$791,436

3 Beds

3 Baths

2,477 SqFt

Status Active

MLS # 6714010

Property Type Single Family Residence

Price Type --

MLS# 6714010 Ready Now! The Arabian is a charming single-story home located in Victory at Verrado, a 55+ community. It features a quaint courtyard leading to the entry. The study is privately situated at the front of the home, alongside a secondary bedroom. The owner's suite is tucked away at the back for added privacy and relaxation. This home also includes a guest suite with an ensuite bath, perfect for visiting family. The owner's bath offers dual sinks, a large shower with a seat, and an enormous walk-in closet. The laundry room is conveniently located off the owner's entry, adjacent to the 2-car garage. Structural options include: paver front porch, garage service door, 12' x 8' multi sliding glass door at gathering room, 2' garage extension, guest suite in lieu of bed 2 and bath 3, and study in lieu of storage.

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